see if the answers in unix.stackexchange.com/questions/25211/… can do what you want. the OP there wanted it to alert, but there's an example using regexes to match and beep. you could use the same regex matching, and have your own action.
–
Tim KennedyJul 27 '13 at 5:57

not quite I want to be able to explore the data not highlight something specific. I have all this async stuff flying around so other then searching through the output its a shot in the dark to find what I want.
–
James AndinoJul 27 '13 at 6:03

If you can't find anything else, you could try seetxt, which can monitor and update a loaded file at configurable intervals (1 second granularity), and has PCRE searching.

Unfortunately it does too many other things as well; I wrote it about 5 years ago and it was my first "big" C project; the source is pretty ugly, lol, but it generally works with some caveats that shouldn't affect what you are doing unless the input is very large or contains a lot of odd characters.

That said, it's something I'd think about revamping for exactly this purpose if it's a niche that lacks. I generally just stop/start things and deal with static logs when debugging, but something that streamed input and did regexps is a good idea.